The ball is rolling now and any further discussion about it is only
hurting GIMP's reputation.

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You're going to do what you're going to do. I'm just offering my
counsel. Claiming that offering my counsel is "hurting GIMP's
reputation" is a hamfisted way of telling me to shut up because you
don't like my opinion. Releasing 1.4 as 2.0 will do more to hurt
GIMP's reputation than anything I could say about why you shouldn't do
so.

As to why PS7 is better: the PS7 features I make the most use of are
the better colorspace support, PS7 dynamic brushes, adjustment and
effect layers, and the "healing brush".